Defining Households That Are Underserved in Digital Payment Services

Claire Greene, Fumiko Hayashi, Alicia Lloro, Oz Shy and Joanna Stavins
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Alicia Lloro: https://www.federalreserve.gov/econres/alicia-lloro.htm

No 2024-03, Consumer Payments Research Data Reports from Federal Reserve Bank of Atlanta

Abstract: US households that lack digital means of making and receiving payments cannot participate fully in an increasingly digitized economy. Assessing the scope of this problem and addressing it requires a definition of households that are underserved in digital payments. Traditional definitions of households underserved in the banking system—those that are unbanked and those that are underbanked—do not account for the ownership of nonbank transaction accounts that can be used to make and receive digital payments. In this paper, we define households underserved in digital payments by considering four key elements—access, use, safety, and affordability—and discuss how researchers may assess these elements to quantify the share of households underserved in digital payments.

Keywords: Digital payments inclusion; underserved; fintech; nonbanks (search for similar items in EconPapers)
JEL-codes: D12 D18 G21 G23 (search for similar items in EconPapers)
Pages: 46
Date: 2024-10-01
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Working Paper: Defining Households That Are Underserved in Digital Payment Services (2024)
Working Paper: Defining Households That Are Underserved in Digital Payment Services (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedadr:99833

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DOI: 10.29338/rdr2024-03

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